Best and worst stocks on the ASX at midday

The local bourse has retreated sharply in morning trade following Wall Street's lead where US stocks ended lower overnight. At noon the S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO) was down 0.91%

The market has been influenced today by a sell-off in gold stocks. The materials sector is leading the decliners with a fall of 1.5%, however all sectors are lower with consumer discretionary also down over 1%.

Here are the top five best performing stocks in the index at midday today:

• Lynas Corporation Limited (ASX: LYC) has soared 22.2% to 22 cents
• Sigma Pharmaceutical Limited (ASX: SIP) has rallied 5.1% to 66.2 cents
• Nufarm Limited (ASX: NUF) is up 2.3% to $4.00
• Fairfax Media Limited (ASX: FXJ) has added 2.2% to 92 cents
• TPG Telecom Ltd (ASX: TPM) has gained 2.1% to $6.29

These are the five worst performing stocks at midday today:

• Evolution FPO (ASX: EVN) has dropped 5.2% to 82.5 cents
• Paladin Energy Ltd (ASX: PDN) has fallen 5% to 47 cents
• Resolute Mining Limited (ASX: RSG) is down 4.9% to 54.7 cents
• STW Communications Group Ltd. (ASX: SGN) has lost 4.8% to $1.39
• Western Areas Ltd (ASX: WSA) has declined 4.6% to $3.28